Investors were nervous about the development of the crisis in Ukraine and Russia, but the stock market retreated after US President Biden announced the first wave of sanctions against Russia. On the 22nd, the U.S. stock market closed in the dark. The Dow Jones Industrial Average fell 480 points, hitting an 8-month low; the S&P 500 fell more than 1% and entered a correction range.

According to comprehensive media reports, Biden said on the 22nd that Russia is an aggressor of Ukraine and announced sanctions on Russian banks, sovereign debts and individuals, but he hopes that diplomatic channels are still feasible, and said the United States has no intention of fighting Russia. Shortly before Biden’s speech, the Dow Jones fell as much as 700 points intraday.

German Chancellor Schotz stated that he has ordered the suspension of the certification process of the German-Russian “Nord Stream 2” natural gas pipeline, which means that it cannot be used; British Prime Minister Johnson also announced that sanctions on five Russian banks and three businessmen will hit Russia’s economic interests.

NATO Secretary-General Jens Stoltenberg said earlier on the 22nd that NATO believes Russia is still planning a large-scale attack on Ukraine after Moscow recognized the two breakaway republics in eastern Ukraine.

All major S&P 500 sectors ended the day lower, with cyclical sectors including consumer discretionary and energy falling.

Elsewhere, the U.S. home improvement retailer Home Depot fell 8.9% after the company’s earnings forecast said higher shipping and labor costs contributed to lower gross margins during the holiday shopping season.

At the close of US stocks today, the Dow Jones Industrial Average fell 482.57 points, or 1.42%, to 33596.61 points.

The S&P 500 fell 44.11 points, or 1.01%, to 4,304.76.

The Nasdaq lost 166.55 points, or 1.23%, to 13,381.52.

The Philadelphia Semiconductor Index fell 28.23 points, or 0.83%, to 3356.07.